To understand key trends
Download Free Sample
Based on product type, the homeowners segment accounted for 30% of the market share in 2023. Increased property ownership, urbanization, and climate-related risks are driving the demand for homeowners insurance. As homeowners seek protection against property damage, natural disasters, and liability issues, insurers are expanding coverage options and customization. Furthermore, technological advancements and data analytics enable more accurate underwriting and pricing, making homeowners insurance accessible and competitive.
To understand key market trends
Download Free Sample
Based on distribution channel, the agency segment held over 38% of the property & casualty insurance market share in 2023, due to its enduring importance in the insurance industry. Insurance agencies and agents play a crucial role in educating customers, providing personalized advice and facilitating policy sales. While digital channels have expanded, many customers still value the expertise and guidance offered by agents, particularly for complex insurance needs. Insurers are increasingly investing in technology to support agents, making the agency channel more efficient and accessible, driving its continued growth.
To understand regional trends  Download Free Sample
North America property & casualty insurance market recorded over 30% of the revenue share in 2023. The region has a robust insurance industry, high urbanization rates, and a strong focus on risk management. For instance, in May 2023, Toyota Auto Insurance expanded its services to California, marking its ninth state of operation in the U.S. This branded insurance product provides customers with quality and customizable coverage at competitive rates, enhancing options for Toyota vehicle owners in the region. Increasing climate-related events have amplified the need for various insurance coverages. Additionally, advancements in data analytics and technology are driving innovations in underwriting and customer engagement.